Finance minister defends offshore business

Swiss Finance Minister Ueli Maurer says there is no need for further regulation in Switzerland - despite the revelations of the Panama Papers. In a newspaper interview, he defended the practice of the rich of investing their money in offshore trusts. “Offshore firms are not illegal,” Maurer told the Swiss tabloid Blick on Friday. “That many are founded in Switzerland has to do with the importance of our financial centre.” “I have a good feeling about it because we have a strict money laundering law. The Swiss Financial Market Supervisory Authority (FINMA) has it all under strict observation and the Office of the Attorney General gets involved if there are any suspicions.” Asked for is personal take on offshore activities for the super-rich, he said: “you have to create possibilities”. Rich people pay much more taxes than he does, the minister argued. “I am not rich but without the rich I would have to pay more taxes,” said Maurer, who is from the conservative right ...